Neurostimulation Devices Market Size By Product (Transcutaneous Electrical Nerve Stimulation [TENS], Gastric Electric Stimulator, Deep Brain Stimulator, Sacral Nerve Stimulator, Spinal Cord Stimulator, Vagus Nerve Stimulator), By Application (Epilepsy, Es

Neurostimulation Devices Market Size By Product (Transcutaneous Electrical Nerve Stimulation [TENS], Gastric Electric Stimulator, Deep Brain Stimulator, Sacral Nerve Stimulator, Spinal Cord Stimulator, Vagus Nerve Stimulator), By Application (Epilepsy, Essential Tremor, Pain Management, Depression, Dystonia, Urinary and Fecal Incontinence, Parkinson's Disease Gastroparesis,), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The neurostimulation devices market is poised to witness commendable growth through 2030, owing to the increasing geriatric population susceptible to neurological disorders.

As per the World Health Organization, the population of people aged over 60 years is expected to rise from 12% to 22% between 2015 and 2050. Disorders such as Alzheimer’s, Parkinson’s disease, and dementia commonly affect people after 65 years of age, which could increase the demand for neurostimulation devices.

Additionally, a rise in investments to develop innovative neurostimulators is also slated to foster the business scenario. A notable example is Mainstay Medical Holdings PLC's completion of an equity offering with proceeds worth roughly USD 108 million in February 2021. This fund was intended to be used in the commercial launch of ReActive8, an implantable neurostimulation device, in the U.S. and further expand its presence in Australia and Europe.

Neurological manifestations are recognized as a critical component of COVID-19. Severe infection due to SARS-CoV-2 may disrupt brain activity and contribute to a range of long-term neurological disorders. This greater risk of long-term neurological complications following the coronavirus outbreak is also slated to stimulate neurostimulation devices market growth over the projected timeline.

The neurostimulation devices industry is bifurcated in terms of product type, application, and regional landscape.

In terms of product type, the market is divided into deep brain stimulator (DBS), spinal cord stimulator, gastric electric stimulator, transcutaneous electrical nerve stimulation (TENS), vagus nerve stimulator, and sacral nerve stimulator. Among these, the transcutaneous electrical nerve stimulation (TENS) segment is expected to be valued at USD 858.9 million by 2030.

The popularity of transcutaneous electrical nerve stimulation devices is attributable to the prevalence of musculoskeletal injuries and chronic pain, especially among the geriatric population. Other conditions like muscular atrophy, sports injuries, and labor pain are also becoming more common. These factors are encouraging patients to adopt TENS devices for pain management applications.

The neurostimulation devices market has been bifurcated into pain management, gastroparesis, dystonia, essential tremor, epilepsy, Parkinson’s disease, and others based on application. The dystonia segment is set to exhibit a CAGR of more than 6% through 2030. According to the University of Michigan Health, approximately 42 million people suffer from movement disorder in the U.S. This could create a strong demand for neurostimulators designed to treat such conditions.

Owing to technological innovations and favorable government initiatives, the essential tremor segment accounted for 2.8% of the neurostimulation industry share in 2021. Meanwhile, the depression segment is anticipated to depict a 10.2% CAGR through 2030.

From a regional perspective, the Middle East & Africa (MEA) market was valued at USD 132 million in 2021. The regional growth is mainly due to the rising healthcare expenditure and the availability of cost-effective neurological procedures and favorable government healthcare schemes.